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Bangko Sentral cautions the public against engaging with unregistered and foreign Virtual Asset Service Providers

MANILA -- The Bangko Sentral ng Pilipinas (Bangko Sentral) strongly urges the public not to deal with Virtual Asset Service Providers (VASPs) that are either unregistered or domiciled abroad. On top of the inherent risk of price volatility associated with Virtual Assets (VAs), VASPs that are based abroad may present additional challenge on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others.

The Bangko Sentral further emphasizes that VA dealings are generally considered as high risk activities which may result in huge financial losses due to price swings. Further, both the government and registered VASPs do not, in any way, guarantee protection against financial losses stemming from VA price fluctuations. Recent data likewise suggests that frauds and scams have consistently contributed to a large portion of VA-based crimes. Thus, the public should exercise caution, conduct their own due diligence, and always be mindful of the risks prior to engaging with VA-related activities. 

To verify whether a VASP is supervised and regulated by the Bangko Sentral, the public may verify from the list of BSP-registered VASPs which can be found through this link: https://www.bsp.gov.ph/Lists/Directories/Attachments/19/VASP.pdf

For more information, please refer to the following Frequently Asked Questions (FAQs):
FAQ on VAs and VASPs:
https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/VC.pdf

https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/FAQs_VASP.pdf

FAQ on Non-fungible tokens (NFTs):
https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/FAQs_on_NFTs.pdf

The public is encouraged to immediately report unlawful activities facilitated through VAs and/or VASPs to:
CONSUMER PROTECTION AND MARKET CONDUCT OFFICE
Bangko Sentral ng Pilipinas
Mabini St., Malate, Manila 1004
Email: consumeraffairs@bsp.gov.ph
Tel. No.: (+632) 8708-7087
Trunkline: (02) 8811-1277​ local 2584​  

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Maria Viktoria Viado

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